Mutual of Omaha
Mutual of Omaha Insurance Company is a Fortune 500 mutual insurance and financial services organization founded in 1909 and headquartered in Omaha, Nebraska, specializing in life insurance, Medicare supplement plans, annuities, dental coverage, group benefits, and mortgage services for individuals, businesses, and employer groups nationwide. In 2025, its board approved a plan to reorganize into a mutual holding company structure with the insurance company becoming a stock subsidiary, expected to complete in 2026.[1][2][3] Originally established as the Mutual Benefit Health & Accident Association, the company began issuing health and accident insurance policies in Nebraska in 1910 and expanded rapidly, achieving licensure in all 48 states by 1939.[1] Key milestones include introducing the first hospital insurance policy in 1936 during the Great Depression, appointing Mabel L. Criss as the first female vice president in the insurance industry in 1929, and constructing its iconic headquarters at 33rd and Farnam streets in Omaha in 1939.[1] Today, it maintains a strong financial position with approximately $55.4 billion in total enterprise assets and a statutory surplus of $4.3 billion as of June 2025, alongside high ratings from major agencies reflecting its stability.[4][5] With more than 6,000 employees and over 6.7 million policies in force, Mutual of Omaha serves more than 23 million covered lives through 54,000 employer groups, paying out $8.1 billion in benefits in 2024.[2][6][7] The company is guided by core values emphasizing customer focus, integrity, innovation, accountability, and teamwork, with a mission to help customers protect what they care about and achieve financial goals.[8] Notably, it has sponsored the wildlife documentary series Mutual of Omaha's Wild Kingdom since its premiere in 1963, promoting conservation efforts through the ongoing production.[2] Additionally, the Mutual of Omaha Foundation, established in 2005, supports community initiatives aimed at alleviating poverty.[2]Company Overview
Business Operations
Mutual of Omaha is a Fortune 500 mutual insurance company headquartered in Omaha, Nebraska, providing a range of insurance and financial services across the United States.[2] The company offers individual products such as life insurance, Medicare supplement plans, annuities, disability income protection, critical illness coverage, and specialized policies for cancer, heart attack, and stroke; it also provides financial services including investments and residential mortgages.[9] For businesses and employers, Mutual of Omaha delivers group benefits like life, disability, accidental death and dismemberment, dental, and vision coverage, alongside special risk solutions, business owner protections, retirement services, and group investment options.[9] The company's operational model emphasizes multichannel distribution, including sales through career agents and producers, independent brokers and networks, direct channels via online platforms, phone, and mail, as well as support from 76 regional offices nationwide.[9] This approach enables coverage for more than 23 million insured lives across all 50 states, with a focus on personalized financial planning through dedicated representatives and self-service digital portals for policy management, claims, and benefits administration.[7] Key business segments include individual life and health insurance, group benefits, retirement plans, and mortgage lending conducted through affiliated entities.[2] In recent years, Mutual of Omaha has introduced initiatives to enhance customer wellness and accessibility, such as the Mutually Well healthy lifestyle program launched in 2019 for Medicare supplement policyholders, which provides personalized fitness, nutrition, and relaxation plans via a mobile app.[10] The company introduced online applications for Medicare supplement insurance in 2014, streamlining enrollment and expanding direct-to-consumer options.[11] In 2025, Mutual of Omaha's board adopted a reorganization plan in March, filed with the Nebraska Department of Insurance in June, with a public hearing scheduled for November 20, 2025, to convert the primary entity to a stock insurer within a mutual holding company structure by 2026, while maintaining United of Omaha Life Insurance Company as a subsidiary.[12][3] Mutual of Omaha's headquarters campus in Omaha features the iconic Dome structure, an energy-efficient underground facility completed in 1979 that originally housed employee amenities like a cafeteria and library.[13] A new 44-story headquarters tower in downtown Omaha, standing at 677 feet, reached its highest occupied floor in October 2025, making it the tallest building in Nebraska and the region upon substantial completion, with full operations slated for 2026.[14][15]Financial Performance
Mutual of Omaha demonstrated robust financial performance for 2024, as reported in the 2025 Fortune 500 list, supported by strong ratings from leading agencies that underscore its stability and capacity to meet policyholder obligations. The company earned an A+ (Superior) financial strength rating from A.M. Best, affirmed in March 2025, reflecting a strong balance sheet and stable outlook amid favorable operating trends.[16][17] For 2024, Mutual of Omaha reported total revenue of $14.622 billion, marking its position on the Fortune 500 list and highlighting sustained growth from $9.347 billion in 2018, driven primarily by expansions in Medicare supplement and life insurance segments.[18] Net income for the year stood at $146 million, contributing to a solid profitability profile despite market volatilities. The company's total enterprise assets reached $55.4 billion as of December 31, 2024, complemented by a statutory surplus of $4.1 billion, which bolsters its risk management and long-term solvency.[18][7] With 6,532 employees as of 2024, Mutual of Omaha maintains an efficient operational scale to support its insurance operations nationwide.[18] Key financial events have shaped the company's balance sheet over the years. During the 2008 financial crisis, Mutual of Omaha Bank acquired the deposits of two failed institutions—First National Bank of Nevada and First Heritage Bank—totaling approximately $3 billion, which expanded its banking footprint at a time of industry distress.[19] In 2019, the company sold Mutual of Omaha Bank to CIT Group for $1 billion, streamlining its focus on core insurance businesses and generating significant capital for reinvestment.[20]| Key Financial Metrics (2024) | Value |
|---|---|
| Revenue | $14.622 billion |
| Net Income | $146 million |
| Total Enterprise Assets | $55.4 billion |
| Statutory Surplus | $4.1 billion |
| Employees | 6,532 |